Increasing numbers of people are choosing to manage their finances online, or via their mobile phone, or both. Here is a peak at the advantages of doing this, and other ways technology can help you to stay abreast of your financial situation.
Online Banking
All major high street banks now allow customers to manage their accounts online. Some of the many online services offered include:
Bank wherever and whenever you want – Traditionally, banking transactions have been carried out in high street branches. But with online banking, there is no need to visit the branch, as you can manage your finances 24 hours a day, seven days a week from the comfort of your home or office.
Quick and easy movement of money – With just a few clicks of your mouse, you could transfer money between different accounts you hold, pay your bills or transfer money to family or friends. Rather than waiting several days for a cheque to clear, online banking payments can be completed in as little as two hours. So this could save you a great deal of worry, not to mention save you money, should you realise that a deadline for bill payment is imminent, or you are about to go overdrawn, or for any other reason you haven’t got the time to wait for a cheque to clear.
Instant access to your information – Supposing you see a great last minute deal, but you are unsure whether you have enough money. With online banking, you can check your balance straight away, and hopefully not miss out. For online customers there is no need to wait for your next statement in the post. Nor do you need to go to the nearest cash machine to check your balance – simply log on to your online banking service at any time of the day or night. There you can see in one place the balance on all your accounts with the bank, and view your transactions going back several years. So much easier than finding and reading scores of separate monthly statements!
Email alerts – Although online customers can view details of their account at any time, these customers often receive emails from their bank reminding them to view their statements.
Additional products and services – Some banks may offer online customers certain products that are not available to other customers, or offer beneficial rates to online customers.
Banking on your mobile phone
Your bank may well permit you to effect transactions via certain types of mobile phone handset. Available services may include:
- Check balances
- View recent transactions in a mini-statement
- Transfer money between accounts
- Find your nearest branch or cash machine
- Receive text alerts of your account balance, which could be very useful should you be about to go overdrawn
- Top up your pay-as-you-go phone using funds taken directly from your account
Apply for financial products online
Nowadays, almost any financial product can be bought via the internet, whether via the provider’s website or via a price comparison website. This includes current accounts, savings accounts, investment products, insurance, credit cards, loans and mortgages. Security in this area has improved massively in recent years and applying for financial products online is considered to be very safe.
Sometimes customers apply for a bank account online will receive a discount or a better interest rate than had they applied for the product at a branch or by post.
Use your computer to assist with money management
Some people use a spreadsheet package to keep track of their income and outgoings. However a search of the internet will reveal a number of sites where you can access a budget planning tool free of charge. In addition, these sites often contain a lot of very useful tips on managing your money.
